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US home resales hit an eight month high

Existing home sales rose 2.6% to an annual rate of 5.04 million units last month

US home resales hit an eight month-high in June, suggesting the housing market was gradually regaining momentum and would help the economy to stay on a higher growth path this year.

The third straight month of home sales gains, reported by the National Association of Realtors, added to employment and retail sales data that have indicated economic growth ended the second quarter on a firmer note.